The probate process is a central part of planning how your assets will be managed and distributed after your death. Given its role in estate planning, why is there so much discussion on how to avoid it? While probate serves as a legal framework for asset distribution, the process involves a commitment of time, a…
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Estate Planning 101: Should You Get A Will or A Trust?
Deciding whether you need a will or a trust can be difficult. Both offer estate planning options, but which is right for you? In this post, I will discuss the benefits of each and help you decide which is best for your needs. The Case for Trusts A Trust Avoids Probate Trusts offer certain benefits…
Continue reading…Estate Planning 101: Why It Is Important For Young Families
A Trusts and Estate Lawyer Talks About the Need for an Estate Plan for Young Families Becoming a new parent is an amazing experience, but it can also be overwhelming. One of the things you need to think about as a new parent is estate planning. Estate planning may not be the most exciting thing…
Continue reading…Minnesota Probate Series, Part 3: What Type of Probate?
Minneapolis Probate Attorney Explains the Difference Between a Formal and Informal Probate You now know that you need to open a probate. But, what type of probate do you need to pursue? Minnesota has both an informal and formal process. What is the difference? The main difference is that a formal probate requires a hearing…
Continue reading…Minnesota Probate Series, Part 2: What Is Probate?
A Minnesota Probate Attorney Explains What It Means To Open A Probate If a loved one dies, you quickly learn your ability to handle the decedent’s assets is limited. Financial institutions will tell you to give them “letters” proving your authority to act. You obtain that authority by filing a petition with the Probate Court….
Continue reading…Minnesota Probate Series, Part 1: Do You Need a Probate?
A Minnesota Probate Lawyer Explains When A Probate is Necessary in Minnesota. I receive a lot of calls asking how to handle matters after someone dies. So, I am posting a series to assist you with handling things for someone who has died. The first step is to determine whether you need to open a…
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Does an Estate Executor Get Paid?
Minnesota Probate Attorney Explains Compensation for a Personal Representative (Executor) You’re having dinner with your brother when he suddenly says. “I need to ask you a favor. Will you be the executor for me if I die.” Naturally, you respond with “Don’t be silly. You’re not going to die” to which he responds “Sis. I’m…
Continue reading…How Long Does Probate Take in Minnesota?
Probate is the process in which a deceased person’s assets are gathered, debts are paid, and assets are distributed to beneficiaries. Basically, it is the court-overseen process of wrapping up a person’s affairs. Probate can be a lengthy process. In fact, the time it takes for probate to complete is a major reason many people…
Continue reading…Probate and the Personal Representative, A Series: Part IV, Does the Personal Representative Fee Get Taxed?
A Minnesota Probate Attorney Verifies That Payments to Compensate a Personal Representative (Executor) Are Taxable You agree to act as the Personal Representative of your sister’s Estate. After a few months you realize that serving as her personal representative takes a lot of time. You have to take time off work to clean out her…
Continue reading…Probate and the Personal Representative, A Series: Part III, Does the Personal Representative Get Paid?
Minnesota Probate Attorney Explains Compensation for a Personal Representative Your sister asks if you will act the personal representative for her estate if anything happens to her. She passes away and you are now faced with having to navigate the legal minefield of probate. Can you get paid for handling these matters? Yes you can!…
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